Reservation of Interest in Waterflood Operations Sample Clauses

Reservation of Interest in Waterflood Operations. (a) It is the belief of Seller that, subsequent to the primary production from the Lower Tuscaloosa formation from the Leases described in Exhibit "A" attached hereto identified under the heading "SW East Fork Field," covering lands in Amite County, Mississippi, waterflood operations should be attempted for secondary recovery from such formation under such Leases. For purposes of this Section 25, such leases shall hereinafter be called the "Waterflood Leases." Purchaser agrees that within eighteen months from the PURCHASE AND SALE AGREEMENT - PAGE 19 164 date of Closing Purchaser shall cause the Operator to submit to ROG a proposal for waterflood operations on the Waterflood Leases, along with a proposed waterflood unit agreement and waterflood operating agreement, with Purchaser's designee as Operator. If ROG approves the waterflood proposal, and the proposed unit agreement and unit operating agreement, whether as initially proposed or as thereafter modified as a consequence of further negotiations, then, ROG may notify Purchaser and Operator of its approval, and shall execute such documents and deliver them to Purchaser and Operator. Upon such execution and delivery ROG shall be deemed a participant in the waterflood operations, to the extent of an undivided twelve and one-half percent of the interest in the Waterflood Leases conveyed to Purchaser, pursuant to the terms of this Agreement and the terms of the Other Purchase and Sale Agreements.. In this regard Seller shall then immediately bear, under and according to the unit operating agreement, its proportional share of the costs and expense which may be incurred from and after the date of ROG's execution of such agreements in connection with the creation [including all engineering, land and legal costs associated with the creation of the unit plan], implementation and conduct of the waterflood operations. Seller shall begin to share in production from the Waterflood Leases at 7:00 a.m., local time, on the first day of the month following the date of Seller's execution and delivery to Purchaser of such documents. If ROG fails to execute and deliver such documents to Purchaser within thirty (30) days of ROG's receipt of such documents, ROG shall be deemed to have elected not to participate in the waterflood operations. If ROG elects not to participate in the waterflood operations, ROG shall have no further interest in the Waterflood Leases.
Sample 1
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Reservation of Interest in Waterflood Operations. (a) It is the belief of Seller that, subsequent to the primary production from the Lower Tuscaloosa formation from the Leases described in Exhibit "A" attached hereto identified under the heading "SW East Fork Field," covering lands in Amite County, Mississippi, waterflood operations should be attempted for secondary recovery from such
Sample 1

Related to Reservation of Interest in Waterflood Operations

  • Maintenance of Operations The Servicer agrees to continue to operate its distribution system to provide service to its customers so long as it is acting as the Servicer under this Agreement.

  • Location of Improvements; No Encroachments All improvements which were considered in determining the Appraised Value of the Mortgaged Property lay wholly within the boundaries and building restriction lines of the Mortgaged Property, and no improvements on adjoining properties encroach upon the Mortgaged Property. No improvement located on or being part of the Mortgaged Property is in violation of any applicable zoning law or regulation;

  • Maintenance, Etc The Company will maintain, preserve and keep, and will cause each Consolidated Subsidiary to maintain, preserve and keep, its properties which are used in the conduct of its business (whether owned in fee or a leasehold interest) in good repair and working order, ordinary wear and tear excepted, and from time to time will make all necessary repairs, replacements and renewals as the Company may determine to be appropriate to the conduct of its business.

  • Description of Administration Services on a Continuous Basis PFPC will perform the following administration services with respect to each Portfolio:

  • PRESERVATION, MANAGEMENT AND MAINTENANCE OF MORTGAGED PROPERTY (a) Borrower shall not commit waste or permit impairment or deterioration of the Mortgaged Property.

  • Maintenance of Securities and Cash at Bank and Subcustodian Locations Unless Instructions specifically require another location acceptable to the Bank:

  • Manager’s Use of the Services of Others The Manager may (at its cost except as contemplated by Paragraph 4 of this Agreement) employ, retain or otherwise avail itself of the services or facilities of other persons or organizations for the purpose of providing the Manager or the Corporation or Fund, as appropriate, with such statistical and other factual information, such advice regarding economic factors and trends, such advice as to occasional transactions in specific securities or such other information, advice or assistance as the Manager may deem necessary, appropriate or convenient for the discharge of its obligations hereunder or otherwise helpful to the Corporation or Fund, as appropriate, or in the discharge of Manager's overall responsibilities with respect to the other accounts which it serves as investment manager.

  • Information Systems Acquisition Development and Maintenance a. Client Data – Client Data will only be used by State Street for the purposes specified in this Agreement.

  • Maintenance at Office The Custodian agrees to maintain each Receivable File at one of its branch offices as identified in the list of branch offices attached hereto as Exhibit A or with third party vendors as shall be deemed appropriate by the Custodian.

  • Operation and Maintenance of Properties The Borrower, at its own expense, will, and will cause each Subsidiary to:

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